Pune, India, Aug. 21, 2023 (GLOBE NEWSWIRE) — The global carbon black market size was valued at USD 25.80 billion in 2022 and is anticipated to expand from USD 27.44 billion in 2023 to USD 38.10 billion by 2030, exhibiting a CAGR of 4.8% over the study period. The rise is driven by the increasing deployment of the product in tire manufacturing and the growing plastic demand for the automotive, consumer goods, and electronics industries.
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List of Key Players Profiled in the Carbon Black Market Report:
Birla Carbon Thailand Public Co. Ltd. (Thailand)Cabot Corporation (U.S.)Orion Engineered Carbons SA (Germany)Phillips Carbon Black Limited (India)CSRC Group (Taiwan)Omsk Carbon Group (Germany)OCI COMPANY Ltd. (South Korea)Himadri Speciality Chemicals Ltd. (India)Longxing Chemical Industry Co., Ltd. (China)Mitsubishi Chemical Holdings Corporation (Japan)
Report Scope & Segmentation:
Report Attributes Details Forecast Period 2023-2030 Forecast CAGR 4.8% 2030 Value Projection USD 38.10 Billion Market Size in 2022 USD 25.80 Billion Historical Data 2019-2021 No. of Pages 280 Report Coverage Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends Segments Covered By Thickness By TypeBy Application Regions Covered North AmericaEuropeAsia PacificLatin AmericaMiddle East and Africa Carbon Black Market Growth Drivers The rubber industry is growing rapidly owing to the increasing demand from the automotive, electronics, consumer goods, and construction industries.. The increasing product adoption of rubber products, coupled with rapid growth in the tire industry, will drive the global market during the forecast period..
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Segments:
Furnace Black Segment to Lead Driven by Soaring Demand from Rubber Manufacturers
Based on process type, the market is categorized into acetylene black, furnace black, thermal black, and others. The furnace black segment is set to lead the market, exhibiting an appreciable CAGR over the projected period. This is due to the growing usage of the product as a strengthening agent by rubber producers.
Standard Grade Segment to Register Notable Growth Impelled by Escalating Industrial Applications
On the basis of grade, the market is segmented into standard grade and specialty grade. The standard grade segment is touted to expand at a considerable rate over the anticipated period. The surge is propelled by the escalating adoption of these products for various industrial applications.
Tire Segment to Exhibit Substantial Surge Driven by Rapid Expansion of the Automotive Sector
By application, the market is classified into non-tire rubber, tire, inks & toners, plastics, and others. The tire segment is poised to exhibit substantial growth, holding a dominating market share, over the analysis period. The expansion is propelled by the rapid expansion in the automotive sector.
Based on geography, the market for carbon black has been studied across North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
COVID-19 Impact:
Market Growth Hampered by Disruption in the Automotive Sector
The COVID-19 pandemic adversely impacted the automotive sector considering the disruptions in supply chains. The pandemic put a halt on assembly plants in the U.S., creating large-scale manufacturing interruptions across Chinese and Europe exports. There was a demand shock owing to disruptions in the supply of raw materials and finished products.
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Report Coverage:
The report gives a comprehensive analysis of the major trends poised to impel the global business scenario throughout the projected period. It further provides insight into the key driving and restraining factors. Additional components comprise the impact of COVID-19 on industry growth and an account of the pivotal strategies adopted by leading companies for gaining strong industry footing.
Drivers and Restraints:
Expansion of the Rubber Sector to Impel Market Growth
The escalating product demand from the consumer goods, electronics, automotive, and construction sectors is propelling the expansion of the rubber sector. This is set to propel the carbon black market growth over the forecast period.
However, the production of carbon black involves the emission of hazardous gases. This may hinder industry expansion to some extent.
Regional Insights:
Asia Pacific to Emerge as a Key Region Owing to Growing Product Deployment
The Asia Pacific carbon black market share is estimated to surge at a considerable rate throughout the forecast period. The region held a major market value driven by the escalating usage of the product in the manufacturing of plastic goods and tires.
The North American market is poised to expand at a notable CAGR over the analysis period. The expansion is driven by the soaring product deployment in vibration isolation devices.
Competitive Landscape:
Leading Companies Undertake Strategic Steps to Strengthen Industry Foothold
Key carbon black players are centered on adopting various strategic deals for strengthening their positions in the market. These comprise merger agreements, partnerships, acquisitions, and the launch of new products. Additional initiatives include collaborations and the formation of alliances.
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Detailed Table of Content:
Introduction Research ScopeMarket SegmentationResearch MethodologyDefinitions and AssumptionsExecutive SummaryMarket Dynamics Market DriversMarket RestraintsMarket OpportunitiesKey Insights Key Emerging Trends – For Major CountriesKey Developments: Capacity Expansions, Acquisitions, Partnerships, etc.Insights on Regulatory ScenarioPorters Five Forces AnalysisQualitative Insights on the Impact of COVID-19 on the Global Carbon Black Market Supply Chain Analysis & Challenges due to Covid-19Steps were taken by Government / Companies to Overcome this ImpactPotential Challenges and Opportunities Due to COVID-19 Outbreak
TOC Continued…!
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Key Industry Development:
March 2022 – Cabot Corporation acquired Tokai Carbon (Tianjin) Co., Ltd from Tokai Carbon Group. The deal helped the expansion of the manufacturing capacity of Cabot. The company planned to invest in capacity upgradation for supporting the development of lithium-ion batteries.
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